State Ballot Prop: Millionaires Tax

What is happening? Massachusetts voters will consider whether to levy a tax on income above $1 million per year.

Why is this important? “Supporters say the surtax will address income inequality and raise much-needed funds for schools, roads and transit.” Opponents say it will hurt small business owners, the middle class, and the reputation of Massachusetts.

How will this be important? Massachusetts has a flat 5% income tax. The proposition would a 4% tax on top of this for income above $1 million.

Route Fifty | The Battle Over a ‘Millionaires Tax’ Heats Up in Massachusetts